Web2 is the internet we know and love today, dominated by the Big Tech companies: Alphabet, Amazon, Apple, Meta, and Microsoft. But, there is a new version on the rise that wants to put the power back in the hands of everyday people. Web 3.0, better known as Web3, is what society is dubbing the next iteration of the World Wide Web, with a dash of cryptocurrency. Ethereum co-founder Gavin Wood coined the term Web3 in 2014 as he started investing more in creating decentralized technologies. He settled on the term Web3 after considering the versions of the internet that came before it.In the early 90s, non-interactive links and homepages arrived on the internet, mainly accessible via dial-up. This was Web 1.0 and the era of static web pages. Web2 was born amid the dotcom bubble in the new millennium, and is characterized by the ability for the user to create and share information. We’ve been using this version of the web for more than two decades, enabling developers to create computer code that lets you open and edit digital files instead of just viewing them. We’ve seen plenty of Web2 rebrands, but the technology and cryptocurrency industries are ready for a more considerable change that allows people to read, write, and own their versions of the internet. Enter Web3. In a way, Web3 is a blend of its predecessors: a decentralized internet before Big Tech took over, mixed with the advanced applications of the modern web. Decentralized, in this context, simply means that no one entity controls how users experience the internet. It’s the World Wide Web in its most basic, ideal form — unregulated, peer-to-peer communication that does not require or include an intermediary. Those intermediaries, detailed below, can do everything from censor content to use algorithms to regulate which users see which pieces of content.
Web3 will be a portfolio of decentralized apps that run on blockchains, Ethereum reports, and it will grant anyone permission to use the network’s services. The idea of Web3 gained the most traction this year after significant growth in cryptocurrencies. Right now, our participation on the internet is controlled by central authorities. You’re able to Google topics because the site’s parent company, Alphabet, allows you. You’re able to post photos on Instagram because Meta said you could. While Twitter has loosened up its restrictions on what you can post, it still controls who can hold accounts and tweet. Remember when the platform banned former President Donald Trump? The mission behind Web3 is to create a decentralized web that permits sites and services to exist across any and all computer networks. Blockchain technology will validate user data, and you’ll have to purchase everything in Web3 with cryptocurrencies. Blockchain tech and digital tokens will power Web3, so if you’re still not familiar with cryptocurrencies, it might be time to get with the movement.
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